What is a Consensus Algorithm - Tokenview Block Explorer
When a transaction occur, the transaction is represented as a block, which needs to be broadcasted to the blockchain network. The blockchain network is comprised of nodes or participants of the network that validate and relay transactions to transmit information.
All nodes are operated voluntarily and are used to verify the correct transactions on the blockchain. Nodes follow consensus rules, which are rules that are agreed upon by the community. A change in the consensus rules requires 95% of the community to approve, which makes it incredibly difficult for one group to change the Bitcoin software. Other consensus algorithms require a lower percentage to change the software protocol. Nodes relay block transactions and validations to other nodes so that the network remains updated. Nodes do not mine bitcoin. However, all miners typically run a full node to validate and relay bitcoin transactions effectively. Since both miners and non-miners execute validation and relay by operating nodes, they all participate in the consensus process.
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